Phoenix Petroleum eyes CME manufacturing, sale

MANILA, Philippines — Phoenix Petroleum Philippines Inc. of Davao-based businessman Dennis Uy is looking to venture into the manufacturing and distribution of coco-methyl ester (CME).

In a stock exchange filing, Phoenix  said its board approved the amendment of its primary purpose  to include “the manufacture, processing, sale, marketing and distribution of CME.”

CME is a biofuel made from coconut oil that is converted to a diesel-substitute while exhibiting combustion-improving properties to lower harmful emissions and improve mileage.

Phoenix Petroleum’s board also approved the proposed authority for its management to transfer, sell, dispose of certain corporate properties, assets, or investments as may be necessary and required in relation to the company’s financial management program.

The program is being exercised as part of the company’s debt management and funding activities.

Phoenix Petroleum currently offers a wide range of petroleum products that service the needs of various customers.

Aside from catering to motorists, it also provides fuel for various industries.

The company has depots and storage terminals in Batangas, Davao, Cagayan de Oro, Subic, Zamboanga, Cebu, Bacolod, Aklan and Calapan, where it stores a variety of petroleum products and are available as bulk storage facilities.

Phoenix has a total of 598 operating retail service stations as of end June.

In the first half, the company’s losses widened to P2.07 billion from P62.11 million  in the same period last year as lower volume sold during the period slashed revenues by more than half.

Phoenix earlier said it remains optimistic about the current year despite facing a challenging 2022.

“Our momentum was disrupted just as we were seeing the light at the end of the tunnel in the beginning of last year. But despite 2022 being a challenging period, we continue to power through the setbacks, remaining hopeful and optimistic as we stay on the path towards recovery,” Phoenix president Henry Albert Fadullon earlier said.

“Moving forward, our focus remains on efficiency to further strengthen the business, and deliver value to our stakeholders,” he said.